FRHC Should I Buy
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Freedom Holding Corp (FRHC) is not a strong buy at the moment for a beginner investor with a long-term strategy. The stock shows bearish technical indicators, mixed financial performance, and lacks strong positive catalysts. While the company has demonstrated growth in customer base and assets, the declining revenue and net income, coupled with the absence of proprietary trading signals, suggest waiting for a clearer entry point.
The technical indicators for FRHC are bearish. The MACD is negative and expanding downward, the RSI is at 35.08 (neutral but leaning toward oversold), and moving averages indicate a bearish trend (SMA_200 > SMA_20 > SMA_5). The stock is trading below key pivot levels, with support at 114.475 and resistance at 119.972.
The company's total assets increased by 25% YoY, reaching $12.38 billion.
Significant growth in banking customers (from 2.5M to 4.5M) and brokerage customers (+20%).
The SuperApp's success in Kazakhstan, driven by partnerships with tech giants like NVIDIA, Amazon, and Microsoft.
Revenue declined by 5.4% YoY in Q3 FY2026, reflecting reduced market demand.
Net income and EPS dropped YoY, indicating profitability challenges.
Analysts highlight valuation concerns and weaker network effects compared to competitors like Kaspi.
In Q3 FY2026, revenue increased by 4.07% YoY to $471.22M, but net income decreased by 2.61% YoY to $76.24M. EPS also declined by 3.10% YoY to $1.25. Gross margin remained stable at 94.62%. While the company shows some growth in revenue, declining profitability raises concerns.
Analysts suggest the recent dip in stock price could be a buying opportunity but also highlight concerns about valuation and growth compared to competitors. No significant changes in price targets or ratings were noted recently.
